"The city neighborhoods are in awful deterioration,'' Roberts said echoing the evaluation broadcast by many residents in recent years. "Nice neighborhoods where I had campaigned door-to-door have failed terribly and I feel badly about the situation.''
"The city neighborhoods are in awful deterioration,'' Roberts said echoing the evaluation broadcast by many residents in recent years. "Nice neighborhoods where I had campaigned door-to-door have failed terribly and I feel badly about the situation.''
What can be expected with the city/co/plex leaders force low income families to pay the money to subsidize much of the course of building or renovating these palaces for the millionaires and billionaires? Let's see which of these millionaires and billionaires downtown will buy a house and live IN the city. They won't and neither will their cheerleaders.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Was talking to some 20-30 somethings this past weekend. They WANT to live downtown. Some already do and are looking to move into some new ones being built on state street. (idk where case we NEVER go downtown)
The rest of the city may be declining....but i'll tell ya.....the middle to higher income youngin's (and they really are around here) are luvin' livin' downtown.
HOWEVER......they said when it came time to buy a home....they wouldn't buy in the city of Schenectady. Most say....Nisky!
and most of these apts are FILLED!
again....they wouldn't BUY in the city.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
millennials aren't even really looking to own homes.
Yeah, real lack of good financial sense. Pay someone else's mortgage.
Wait until they get to those retirement years when they have no assets, no equity in a home. Go to the government for handouts.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Yeah, real lack of good financial sense. Pay someone else's mortgage.
Wait until they get to those retirement years when they have no assets, no equity in a home. Go to the government for handouts.
A house is a libility. Never an asset. You would think the housing crash would have taught more people that. You have no real equity, it's relative to the housing market. You add up you maintenance costs, you're really taking a bath. Your home value goes up $10k, so do all other similar houses in the surrounding area. You can cash in on your equity if you sell you home and buy one in Mississippi or live in a tent, then you might walk away with a little money in your pocket. Millennial's realize that. Mobility is more valuable that risking that your mortgaged home puts you into bankruptcy.
A house is a libility. Never an asset. You would think the housing crash would have taught more people that. You have no real equity, it's relative to the housing market. You add up you maintenance costs, you're really taking a bath. Your home value goes up $10k, so do all other similar houses in the surrounding area. You can cash in on your equity if you sell you home and buy one in Mississippi or live in a tent, then you might walk away with a little money in your pocket. Millennial's realize that. Mobility is more valuable that risking that your mortgaged home puts you into bankruptcy.
Bullshit... The only liability is the inability to make a sound financial decision based on the market....The crash mostly hurt the people that had no business "owning"a home of of certain value....and that fact is still valid...if you make $40000 a year, you shouldn't be buying a $300,000 home..even at 0% interest. As far as housing equity being tied to the market, what type of equity isn't tied to its market?
As far as the millennials, the reason that are not jumping into the housing market is partially mobility, but mostly due to the fact that don't plan to have a family, or if they do, they are waiting much longer to do it.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Bullshit... The only liability is the inability to make a sound financial decision based on the market....The crash mostly hurt the people that had no business "owning"a home of of certain value....and that fact is still valid...if you make $40000 a year, you shouldn't be buying a $300,000 home..even at 0% interest. As far as housing equity being tied to the market, what type of equity isn't tied to its market?
As far as the millennials, the reason that are not jumping into the housing market is partially mobility, but mostly due to the fact that don't plan to have a family, or if they do, they are waiting much longer to do it.
A residential home has no productive value. Unless you are playing the housing market and flipping houses and getting a return on sweat equity, a house is a liability.
Equity tied up in the stock market is invested into productive companies. The companies you invest into are using your money to increase market share or increase productivity to increase profits. How do you do either with a house? The only way the value of your house goes up is if the businesses around your house pay their workers more money, or if the interest rates go down. If interest rates go up 5%, how does your home investment do and what can you do to get more value out if your home?
Is Your House An Asset Or A Liability? 0 Comments CHARLIE FARRELL MONEYWATCH Last Updated Aug 17, 2010 8:22 AM EDT
Over the last few years, many Americans found out that owning a big house was more like living the American nightmare, not the American dream. What got most people into trouble was they failed to realize that, on balance, a house is a liability, not an asset.
Now you might be thinking I'm exaggerating to make a point. But I'm not. On balance, a house is something you constantly pump money into, and for the most part, won't get out of it what you've invested in it. That sounds like a liability to me, not an asset. So before you buy your next house, you should ask yourself "what's it going to cost me," as opposed to "how much can I make off of it." That will help you keep your housing costs in line with your income.
I know most people have been led to believe that a house is an asset, which is why so many thought they should buy a huge home. The bigger the home, the bigger the asset. But it's not so. Think about this: assume you buy a home and don't put a dime into it for 30 years. You don't paint it, repair it, or update it. You just let it sit there. How much do you think that home will be worth at the end of 30 years? Not much. You can get a sense of how quickly a home's value will decline if you don't take care of it by visiting a few foreclosed homes in your area. The value can fall 30% to 50% with just a few years' of neglect. To maintain the value of your home, you have to constantly put money into it. A good estimate is about 2% to 3% a year of the cost of the home. If you bought a $300,000 home, consider that it'll cost $6,000 to $9,000 a year on average to keep it up. Now you won't spend that every year, but that's what you should be budgeting for the costs of maintenance. At some point, the furnace blows, the air conditioner dies, the water line breaks, the roof needs to be repaired, the windows need to be replaced, the kitchen needs to be updated, and the list goes on.
Then you have to pay taxes on your home. While tax rates vary by locality, a fair estimate is 1% a year. When you add it up, the house is costing you 3% to 4% a year just to keep. And over the last 80 to 100 years, housing costs on average have increased by about 3% to 4% a year. During some cycles they've gone up faster than that, and during others slower (such as now). If you look at the 60 or so years that you'll probably own a home, you're likely to get the average return, which is in the 3% to 4% range. Of course, there are the exceptions to the rule. You could get lucky and buy a home in an area that's experiencing a boom in population and job growth. In that case, you may see the home appreciate faster than the long term rate. If that happens, great; but if you move, don't expect it to happen with the next house you buy. So if your house costs you 3% to 4% a year to maintain, and it goes up in value 3% to 4% a year, you're at a wash; no real gain in the value of your investment. Then don't forget about all the interest you'll pay on the loan to buy that house. Unless you pay cash, that will be another 5% to 6% on whatever mortgage balance you have.
The basic return you get from a home is that someday you'll get the mortgage paid off, and you'll have a rent free place to live. That's a nice goal for your retirement years. But remember, if it's a big house, it will cost you a hefty amount just to maintain. That means less money to do other things you might find important during your retirement years.
Bottom line. Don't commit a huge percentage of your income to buying an "asset" that may turn out to be a liability.
Yeah, real lack of good financial sense. Pay someone else's mortgage.
Wait until they get to those retirement years when they have no assets, no equity in a home. Go to the government for handouts.
they realize that no matter what the 'equity' is lost....
have a mortgage pay the bank interest, get income tax credit pay off your home, loose income tax credit and pay government more $$
not to mention, the local/school taxes that just go up and the up keep of a home.
freedom is what they seek, not a ball a chain we call 'security'.....you will never be allowed to die in your own home on your own terms, not while the government is watching.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
negative comments have been stated so many times by past residents who have chosen to live in another state or country....
many foresaw their future somewhere else rather than this area.....and have done quite well.....when they come back ..usually for a school reunion.....their co
mments about the state of the city increases...and they all say the same thing...."glad we left"....
A residential home has no productive value. Unless you are playing the housing market and flipping houses and getting a return on sweat equity, a house is a liability.
Equity tied up in the stock market is invested into productive companies. The companies you invest into are using your money to increase market share or increase productivity to increase profits. How do you do either with a house? The only way the value of your house goes up is if the businesses around your house pay their workers more money, or if the interest rates go down. If interest rates go up 5%, how does your home investment do and what can you do to get more value out if your home?
This argument is pointless... I could show the exact same scenarios with the stock market as you show me with housing. The bottom line is if you treat housing , the investment, the same as you treat stocks, the investment, you could and can do just as well.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
This argument is pointless... I could show the exact same scenarios with the stock market as you show me with housing. The bottom line is if you treat housing , the investment, the same as you treat stocks, the investment, you could and can do just as well.
Stocks generate income, your house doesn't. It takes your income, not only at the time of purchase, but every day from that point forward. It's a liability. But...to each there own. If you think it's an asset, that's up to you. I hope you do well.
Stocks generate income, your house doesn't. It takes your income, not only at the time of purchase, but every day from that point forward. It's a liability. But...to each there own. If you think it's an asset, that's up to you. I hope you do well.
SO the alternative is to move in with your parents or rent an apartment...both of those are great investments..no liability, right!
Home ownership is an asset as opposed to the alternatives. Like any investment you have to maintain/reinvest in order to see future profits...but you also have to invest smart...in other words, location, location, location!
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
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